Art donated through the Arts Council’s Acceptance in Lieu scheme introduced £49.4m worth of treasures into the country’s public collections this year.

The Acceptance in Lieu scheme allows those who have a bill for Inheritance Tax to offset part of those taxes by donating important cultural, scientific or historical objects to the nation. The Arts Council England’s review on this scheme, which also includes results from its new Cultural Gifts scheme, shows the acceptance of such objects settled £30m worth of tax in 2012/13.

Sir Peter Bazalgette, the chair of Arts Council England, said: “In 2012/13 the Acceptance in Lieu scheme brought treasures with an unprecedented commercial value into the national collections.

“If their sale had been on the open market, these works of art might have been lost to us forever.”

The figure of £49.4m is made up of art donated from both the Acceptance in Lieu and the Cultural Gifts schemes.

Sir Bazalgette added: “The scheme is an important element in the government’s range of tax incentives to encourage philanthropy, and allows individuals and companies to reduce substantially their income or corporation tax liabilities, according to the value of the gift.”

Culture minister Ed Vaizey said: “The Acceptance in Lieu Scheme is a fine example of a win-win-win situation. The owner of the item accepted gets a discount on their tax bill, a museum or gallery gains an important new acquisition for their collection, and the public get a chance to enjoy it free-of-charge, often for the very first time.

“This year we have had a really fine selection of items accepted and, with the new Cultural Gifts Scheme coming on-stream this year, the promise of even greater things to come.”

The review details 30 cases of major cultural significance and beauty being allocated.

The first ever items to be accepted through the Cultural gifts scheme was a letter and lyrics written by John Lennon and donated by Hunter Davies, which is now a permanent part of the British Library Collection.

Other items which have been donated include a painting by Jean-Baptiste Camille Corot entitled L‘Italienne from the estate of Lucien Freud. This painting has now been permanently allocated to the National Gallery.

An untitled Mark Rothco watercolour was also those donated. The artwork has been temporarily allocated to the Tate pending a decision on its permanent allocation.

The Hamilton-Rothschild tazza, that has been dated as being worked on in the 9th or 10 century, was donated in lieu. The bowl has been permanently allocated to National Museums Scotland in accordance.

Thumbnail: The Hamilton-Rothschild tazza. Photo: Sotheby’s